What Does Will Mean?
A legally enforceable declaration of how a person wishes his or her property to be distributed after death. In a will, a person can also recommend a guardian for his or her children. It is also known as a "will and testament".

Making a will is a very important component of estate planning. In it he declares who gets his belongings and assets when he dies. If he does not have a will, the distribution of his property is left up to the government, and may even end up becoming state property. A will helps ensure that his wishes are carried-out, and it can make things simpler and easier for the person heirs.

If a person doesn't currently have a will, his loved ones may not receive the assets he wishes to leave them in the event of his death. Making a will is a necessary and usually fairly simple process that can save his family time, money and grief as well as give him peace of mind.

What are various types of Will?

Wills come in several varieties, including the following:

• Self-Proving/Testamentary Will
A self-proving will, also know as testamentary will, is the traditional type of will with which most people are familiar. It is a formally prepared document that is signed in the presence of witnesses.

• Holographic Will
Holographic wills are written without the presence of witnesses. They rarely hold up in court.

• Oral Will
Oral wills are spoken testaments given before witnesses. They are not widely recognized from a legal perspective.

• Living Will
A legal document that sets out the medical care an individual, or the principal, wants or does not want in the event that he or she becomes incapable of communicating his or her wishes.

A living will has nothing to do with the distribution of assets, but rather sets forth a person’s wishes for medical care in terms of life support should he be incapacitated.

To maximize the likelihood that his wishes are carried out, the person needs a will that is set forth in writing, and signed by him and his witnesses. If the will does not meet these standards, his instructions may not be carried out or enforceable.

Why Do I Need One?
Creating a will gives a person sole discretion over the distribution of assets. It lets him decide how his belongings, such as cars or family heirlooms, should be distributed. If he has a business or investments, his will can direct the smooth transition of those assets.

If you have minor children, a will lets you provide for their care. If you have children from a prior marriage, even if they are adults, your will can dictate the assets they receive. Creating a will also minimizes tensions between survivors. Relatives battling over your possessions can weaken what may have otherwise been a strong family.

If you are charitably inclined, a will lets you direct your assets to the charity of your choice. Likewise, if you wish to leave your assets to an institution or an organization, a will can see that your wishes are carried out.

What Doesn't It Cover?
While wills generally address the bulk of your assets, there are a variety of items that are not covered by the instructions in a will. These items include community property, proceeds from life insurance policy payouts, retirement assets, assets owned as joint tenants with rights of survivorship and investment accounts that are designated as "transfer on death."